Daily market intelligence on mortgages, equity raising, investment sales, and CMBS.

Wednesday, 09 May 2018

University Pension System Invests in BIG Real Estate Fund

The State Universities Retirement System of Illinois has committed to invest up to $30 million in BIG Real Estate Fund I LP, a vehicle through which Basis Investment Group is expected to fund middle-market bridge and mezzanine loans, make equity investments in properties and buy CMBS B-pieces.

Commercial Real Estate Direct Staff Report

The State Universities Retirement System of Illinois has committed to invest up to $30 million in BIG Real Estate Fund I LP, a vehicle through which Basis Investment Group is expected to fund bridge loans and CMBS B-pieces, among other things.

The fund is shooting to raise up to $500 million of equity, according to a regulatory filing. As of a few months ago, it had raised $185 million.

It wouldn't be Basis' first fund - it's put together six separate accounts, all under the Basis Venture banner that raised a total of nearly $615 million of capital commitments. The New York company has a total of nearly $1.5 billion of assets under management.

Those six funds have already provided their investors with a return of just more than $1 billion, generating gross internal rates of return ranging from 14...





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“The Weekly”

“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

  • Breaking mortgage, CMBS, and REIT news

  • Quarterly league tables with rankings of B-piece buyers, book runners, and lenders

  • Industry moves and changes in “The Insider“

Data Digest

 

CMBS DELINQUENCY VOLUME

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CMBS SPECIAL SERVICING VOLUME

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Top Bookrunners Domestic, Private-Label CMBS - 2017
Investment Bank #Deals Vol$mln MktShr%
Goldman Sachs 17.59 11,819.34 13.68
JPMorgan Securities 14.52 10,968.11 12.70
Citigroup 12.04 10,012.71 11.59
Wells Fargo Securities 14.02 9,936.06 11.50
Deutsche Bank 12.55 9,879.74 11.44

 

RCA CPPI

 

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CMBS 2.0 Spreads

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Top CMBS Loan Contributors - 2017
Lender #Loans Vol$mln MktShr%
Goldman Sachs 146.89 11,719.34 13.63
JPMorgan Chase Bank 117.68 10,114.14 11.76
Deutsche Bank 198.48 9,689.97 11.27
Morgan Stanley 166.18 8,539.78 9.93
Citigroup 199.05 8,088.24 9.41

 

 

 

REITCafe

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  • US REITs Feeling Effects from Turmoil in Greece and China
    International economic forces have taken center stage this week, affecting both US stock markets and REITs. The crash in the Chinese stock market and ongoing concerns about the future of Greece in the eurozone drove markets down during the first half of the week. REITs fared better than the overall market...

  • What Does Increased Construction Mean for Apartment REITs?
    REITs so far this year have raised $17.1 billion of capital through the sale of unsecured notes, bringing the total raised over the past two and a half years to just more than $75 billion. That’s more than they raised during the previous five years. The massive volume shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark...
shouldn’t be a surprise as it comes while the yield from 10-year Treasury bonds, the benchmark against which most REIT’s price their bonds
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